Sunday, Apr 26, 2009
Spanish unemployment hits 17.4!
New york times: Reuters
Spanish unemployment startlingly hits depression levels with house price down as much as 50% all fuelled by a property and construction boom itself fuelled by easy credit.....SOUND FAMILIAR?
Posted by taffee @ 12:48 PM (961 views) Add Comment
5 Comments
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1. montesquieu said...
Expect a backlash against immigrants soon ....
2. happy mondays said...
@ montesquieu
Unfortunately you are right, it will also happen here, but it's not the immigrants who are to blame, unless you are a second / third home owner who is putting nothing into the local community! It is again the weak minded greedy people who are out for there own personal gains, trying to trip the light fantastic at other people expense, with no thought on there own actions! But the karmic wheel will spin and repercussions will happen, and i do not think it will be pretty...
3. guiriduro said...
Yes, it's bad in Spain, but it should be remembered that there is a pretty high level of structural unemployment, even during the boom periods. And comparisons with the UK, for example. are not apples to apples - there isn't the fudging of disability claimants that there is in the UK. But that's not to understate the problem. Spain relied for growth on the pillars of construction and tourism, and construction has collapsed. Also light industry, and car makers have been significantly affected.
4. Old_traveller said...
Although things are bad, I do not see the specifi info relative to 50% house price drops in Spain aluded by taffee. Most sources in Spain reckon the drops so far in similar amounts to the UK, i.e., around 20% nominal since Q3 2007.
5. Bear said...
I look forward to purchasing a hacienda withBULLION!!